Hong Kong Stocks Fall for 3rd Session
Hong Kong shares dropped 256 points or 1.0% to 24,943 on Thursday morning deals, extending losses for the third session and hitting a one-week low amid declines in most sectors, notably consumers, tech, and financials.
Sentiment was downbeat as several Chinese brokerages and fund managers reportedly curbed financing and limited purchases to reduce risks from mainland markets, raising doubts over the sustainability of its bullish momentum since April.
Concerns also mounted over Nvidia’s China business amid ongoing trade barriers from Washington.
Still, further losses were partly offset by expectations of a Fed rate cut in September after dovish signals from Chair Powell last week and U.S. President Trump’s push to influence monetary policy. On the corporate front, Meituan slumped 8.5% after posting weaker Q2 profits, while BAIC Motor dropped 1.4% on disappointing H1 results. Other notable laggards included Smoore Intl. (-6.1%), Anta Sports (-5.7%), and Li Auto (-3.8%).
Source: Trading Economics
